Crypto Exchange Coinbase To Offer New GBP Trading Pairs This Week

Cryptocurrency exchange Coinbase has announced that it will be rolling out a number of new British pounds (GBP) trading pairs on September 7 for UK-based customers.

Last month, Coinbase added support for GBP, which enabled faster payments with same day deposits and withdrawals from Coinbase to British bank accounts. The GBP support allows customers in the UK to transfer pound sterling and use it to directly buy and sell cryptocurrencies.

In a blog post on Thursday, David Farmer, general manager of Coinbase Pro, said that the exchange will offer four new GBP trading pairs, including ETH–GBP, ETC–GBP, LTC–GBP and BCH–GBP, in addition to BTC–GBP that is already available on Coinbase Pro.

Farmer said that there will be three stages to the launch, which will be announced in real time via Coinbase Pro’s Twitter. In the first stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of 10 minutes. In the second stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes. In the final stage, full trading services will be available, including limit, market, and stop orders.

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one stage for a longer period of time, or suspend trading,” Farmer said.

Coinbase expanded its services to the UK after obtaining an e-money license from the UK’s Financial Conduct Authority (FCA) in March of this year.